With the increasing number of bilateral and regional free trade agreements (FTAs), Vietnam’s international integration is opening opportunities in all sectors. Among them, textile and garment industry is a key economic sector of Vietnam with the largest export value.

According to VITAS statistics, in 2017, despite many negative impacts from the market, the textile and garment export activity still achieved positive results and reached the predicted target of US$31 billion. The total export revenue of textile and garment products was estimated at US$7.62 billion in the first quarter of 2018, an increase of 13.35% over the same period last year, and equivalent to 22.4% of the year's target. Vietnam's target of exporting US$34-34.5 billion worth of garments and textiles for 2018 is within reach . In terms of export markets, Vietnam enjoyed stronger growth in export revenue with its key export markets including the US, member countries of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), the EU, the Republic of Korea, China, and ASEAN.

A HUGE VOID IN TEXTILE PRODUCTION AND DYING MARKET

Vietnam now has about 4,000 garment and textile companies, including 650 foreign-invested firms. 70 per cent of these are garment companies, 17 per cent are textile companies, 6 per cent are spinning companies, and 4 per cent are dyeing companies. Its low capacity in spinning, weaving, and dyeing makes it unable to produce sufficient inputs to supply domestic garment and textile companies. There would be a huge growth potential for overseas exporters and investors.

Future dates

April 2020

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